Zazove holds 7.9% stake in Cumulus Media

Rhea-AI Filing Summary

Zazove Associates, LLC, together with Zazove Associates, Inc. and Gene T. Pretti, reports passive ownership of common stock of Cumulus Media Inc. under an amended Schedule 13G.

The reporting persons collectively beneficially own 1,361,896 shares of Cumulus Media common stock, representing 7.9% of the class as of June 30, 2026. They report sole voting power and sole dispositive power over all 1,361,896 shares, with no shared voting or dispositive power.

Key Figures

Shares beneficially owned: 1,361,896 shares Percent of class: 7.9% Amendment number: Amendment No. 5 +2 more

5 metrics

Shares beneficially owned 1,361,896 shares Common stock of Cumulus Media Inc. beneficially owned by the reporting persons

Percent of class 7.9% Portion of Cumulus Media common stock class beneficially owned

Amendment number Amendment No. 5 Amended Schedule 13G reporting this ownership

Ownership date 06/30/2026 Date as of which beneficial ownership information is reported

Signature date 08/14/2026 Date the reporting persons signed the Schedule 13G/A

Key Terms

beneficially owned, sole voting power, sole dispositive power, Schedule 13G, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 1361896"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"5 | Sole Voting Power 1,361,896.00 6 | Shared Voting Power"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"7 | Sole Dispositive Power 1,361,896.00 8 | Shared Dispositive Power"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Schedule 13G regulatory

"form_type": "SCHEDULE 13G/A""

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

percent of class financial

"Item 4. | Ownership (b) | Percent of class: 7.9 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of Cumulus Media Inc (CMLS) does Zazove Associates report owning?

Zazove Associates and related reporting persons report beneficial ownership of 7.9% of Cumulus Media Inc. common stock. This stake reflects 1,361,896 shares of common stock with sole voting and dispositive power over all reported shares.

How many Cumulus Media (CMLS) shares are beneficially owned by the Zazove reporting group?

The Zazove reporting group beneficially owns 1,361,896 shares of Cumulus Media common stock. These shares represent 7.9% of the outstanding class, with sole voting and sole dispositive power reported over the entire position.

Who are the reporting persons in the Cumulus Media (CMLS) Schedule 13G/A Amendment No. 5?

The reporting persons are Zazove Associates, LLC, Zazove Associates, Inc., and Gene T. Pretti. They report jointly as a group, with their principal business address at 1001 Tahoe Blvd., Incline Village, NV 89451.

What voting power does Zazove Associates have over its Cumulus Media (CMLS) shares?

The reporting persons disclose sole voting power over 1,361,896 shares of Cumulus Media common stock. They report no shared voting power, indicating exclusive authority to vote or direct the vote for the reported shares.

What dispositive power is reported over Cumulus Media (CMLS) shares in this 13G/A?

The group reports sole dispositive power over 1,361,896 shares of Cumulus Media common stock. They indicate no shared dispositive power, meaning decisions to sell or otherwise dispose of these shares rest solely with the reporting persons.

As of what date is the Cumulus Media (CMLS) ownership information in this Schedule 13G/A effective?

The beneficial ownership information is stated as of June 30, 2026. The amendment, identified as Amendment No. 5, was signed on August 14, 2026 by Lamiaa Dukaj as CCO for each reporting person.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 06:53 PM Accepted by SEC EDGAR 08/14/2026 - 06:53 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

CUMULUS MEDIA INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

231082801

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 231082801

1

Names of Reporting Persons

ZAZOVE ASSOCIATES LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,361,896.00
6	Shared Voting Power
7	Sole Dispositive Power 1,361,896.00
8	Shared Dispositive Power

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,361,896.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 231082801

1

Names of Reporting Persons

Gene T. Pretti

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,361,896.00
6	Shared Voting Power
7	Sole Dispositive Power 1,361,896.00
8	Shared Dispositive Power

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,361,896.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP Number(s): 231082801

1

Names of Reporting Persons

Zazove Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,361,896.00
6	Shared Voting Power
7	Sole Dispositive Power 1,361,896.00
8	Shared Dispositive Power

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,361,896.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.9 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CUMULUS MEDIA INC
(b)	Address of issuer's principal executive offices: 780 JOHNSON FERRY ROAD, SUITE 500, ATLANTA, GEORGIA, 30342
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed by Zazove Associates, LLC, a Delaware limited liability company; Zazove Associates, Inc., an Illinois corporation and Gene T. Pretti (referred to collectively as the "Reporting Persons").
(b)	Address or principal business office or, if none, residence: The principal address of the Reporting Persons is 1001 Tahoe Blvd., Incline Village, NV 89451
(c)	Citizenship: Zazove Associates, LLC is organized under the laws of Delaware. Zazove Associates, Inc. is organized under the laws of Illinois. Gene T. Pretti is a citizen of the United States.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 231082801
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1361896
(b)	Percent of class: 7.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1361896
	(ii) Shared power to vote or to direct the vote:
	(iii) Sole power to dispose or to direct the disposition of: 1361896
	(iv) Shared power to dispose or to direct the disposition of:
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ZAZOVE ASSOCIATES LLC

Signature:	Lamiaa Dukaj
Name/Title:	CCO
Date:	08/14/2026

Gene T. Pretti

Signature:	Lamiaa Dukaj
Name/Title:	CCO
Date:	08/14/2026

Zazove Associates, Inc.

Signature:	Lamiaa Dukaj
Name/Title:	CCO
Date:	08/14/2026